BENGALURU: It services major Infosys on Friday announced the signing of an agreement with Singapore-based global investment company Temasek. Temasek owns a $235 billion portfolio as on March 31, 2018.
The joint venture will integrate teams from Infosys and the operations of Temasek’s subsidiary in Singapore, Trusted Source Pvt Limited, which currently delivers IT services.
“As part of the transaction, Infosys will acquire a 60 per cent stake in the joint venture and Temasek will hold 40 per cent,” Infosys said in a statement. The agreement will help Infosys strengthen its footprint in South-East Asia and gain significant capacity to its workforce and Temasek will see enhancement in its IT services.
“The JV will support Temasek’s digital transformation journey, managing a complex Cloud migration programme that will enable it to host its applications on a cloud platform,” Infosys said.
Shveta Arora, currently vice-president at Infosys, will be the new chief executive officer for the entity, which will be headquartered in Singapore and will have more than 200 employees and contractors from Trusted Source as part of its initial team. More Infosys staff is set to join in over time.
“Our JV with Temasek will accelerate our efforts in the region, enhancing our presence. This move is a key element of our continued efforts to have a presence in the regions in which we operate,” said Mohit Joshi, president, Infosys.